Shares Rise Ahead of Key Data
May 11, 2011
The Philippine Stock Exchange Index gained 14.81 to 3215.79 on volume of 10.72 billion shares. Gainers led decliners 53 to 50, with 75 issues unchanged. Investors are expecting next week's data to reflect robust first-half economic growth and a continuing fall in the inflation rate, analysts said. Estimates placed first-half gross national product growth at 6.5% and August inflation at below 8% from July's 8.9%. The day's biggest gainer was Lepanto Consolidated Mining. The company announced Wednesday that it discovered new gold deposits. The company's Class A shares rose 8 centavos to 25 centavos, while its B shares surged 10 centavos to 30 centavos. The oil subindex slid 0.11 to 6.29, the mining subindex soared 405.44 to 4102.68, the commercial-industrial rose 4.39 to 4336.63 and the property subindex increased 1.09 to 169.65.
